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【出版时间及名称】：2009年12月台湾半导体行业研究报告
【作者】：MIRAE ASSET
【文件格式】：PDF
【页数】：160
【目录或简介】：
CONTENTS
Near-term outlook positive, but for how long? 4
Cyclical momentum in semiconductors to carry into 2010 4
Better than seasonal 1Q10 expected 4
Massive semiconductor capex upcycle 6
Oversupply threat is worse for foundries than for OSATs 6
Operating headwinds at foundries and OSATs 7
Globalfoundries shaking things up in foundries 7
Rising gold + weak US dollar = bad news for OSAT margins 7
Likely winners: IC design houses, equipment vendors 8
Follow the money – BUY MediaTek, Richtek and ASM Pacific 8
Valuation matrix of our semiconductors universe 8
COMPANY SECTION
Taiwan Semiconductor: The burden of proof (2330 TT, REDUCE) 9
Executive summary 10
TSMC joins the capex party with $6-7bn in 2009-10 12
Competition closing in; customer dynamics turning 16
Sensitive to shifts in market share, margins and utilization 24
REDUCE for now, revisit in the low-to-mid-NT$50s 28
Summary financial statements 32
UMC: Not quite fab (2303 TT, HOLD) 34
Executive summary 35
Industry capacity growing at a break-neck pace 37
Aggressive expansion may backfire if demand falls short of expectations 40
Turnaround partially factored into the share price 44
Summary financial statements 48
Advanced Semiconductor Engineering: Gold shy (2311 TT, REDUCE) 50
Executive summary 51
Operating headwinds ahead 53
OSAT capex growth of 60% in 2010 in line with long-term capex intensity trend 57
Initiating coverage with a Reduce rating 59
Summary financial statements 61
Siliconware Precision Industries: Gold grief (2325 TT, REDUCE) 63
Executive summary 64
Operating headwinds ahead 66
OSAT capex surge in 2010 in line with long-term intensity ratio trend 70
Near-term outlook and valuation 72
Summary financial statements 75
ASM Pacific Technology: LED + Cu = double happiness (522 TT, BUY) 77
Executive summary 78
LED is on fire 80
Replacement and upgrade to Cu wirebonders 83
Margin improving with cost cuts, better product mix 85
Share does not reflect structural earnings gains 87
Summary financial statements 90
MediaTek: Stronger for longer (2454 TT, BUY) 92
Executive summary 93
Dominant player in the global handset IC space 95
Strong product roadmap 100
Sustaining superior profitability 103
Growth and cash dividend, anyone? 105
Appendix: Company profile 109
Summary financial statements 110
Richtek Technology: Something old, something new (6286 TT, BUY) 112
Executive summary 113
LED driver ICs lighting the way forward 115
Benefiting from handset market trends 117
Further gains in market share and margins 118
Growth and margin are vital to the stock 122
Appendix: Company profile 125
Summary financial statements 126
Novatek Microelectronics: Taking the power back (3034 TT, BUY) 128
Executive summary 129
Regaining market share in large panel DDI 131
Small-panel display driver ICs in the spotlight 133
Non-driver ICs gaining traction 134
Attractive valuation and cash dividend yield 137
Appendix: Company profile 141
Summary financial statements 142
Realtek Semiconductor: Double whammy (2379 TT, REDUCE) 144
Executive summary 145
Market share peaking in main products 147
WiFi cannot save the day 148
Profit margins are heading south 151
Valuation is not sustainable 153
Appendix: Company background 156
Summary financial statements 157
Analyst team profile 159
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